ITV says its ambitious “turnaround” plan is on track and that advertising revenue has stabilised across its channels. The commercial broadcaster’s positive outlook was issued in a trading update to the City.
ITV says net advertising revenue (NAR) will be down 4.4% at its flagship channel ITV1 for the year ending December 31, compared to a 12.4% drop the previous year.
It adds that NAR was up 2% year-on-year in November for ITV1 and that it can “see no evidence of advertiser demand weakening”.
Advertising revenue across the broadcaster’s channel portfolio is up 32% to £209m. It estimates the UK TV advertising market to be up 6% across the second half of 2007 and up 3% over the year.
Michael Grade (pictured), executive chairman of ITV, also says that its viewing performance has improved.
He says: “ITV has made measurable progress during the course of 2007. On screen ITV1’s performance has been much improved; we have assembled a formidable senior management team; and we’ve seen real growth in the whole television advertising market over the second half of the year.”